Posted by JHyre in OH on February 15, 2000 at 10:17:25:
posts like yours! Thanks for sharing.
John Hyre
Question for JohnG or Others Who Have Built a Small Empire. - Posted by SRobertson
Posted by SRobertson on February 14, 2000 at 21:06:46:
John-
I noticed in a post a week or so ago where you mentioned that you have accumulated 156 properties.
How long did it take you to accumulate these?
And if you don’t mind me asking, what is your average net per property?
I have just acquired my first single family rental property. It is a cosmetic fixer upper that I purchased at 50% of FMV. I plan on tapping some of the equity, while maintaining a positive cash flow, and using that as down payment on another 2-3 properties.
Just wanted to see how long it has taken others to get to the B&I side of the cash flow quadrant.
SRobertson
The Road Not Taken - Posted by JohnG
Posted by JohnG on February 15, 2000 at 07:34:11:
I started investing in real estate in 1980.
I made my first “fortune” in 18 months - I was in the final stages of a big oil boom.
I lost everything in 24 months - including 2 homes, 3 vehicles and my self esteem. At that point I spent months feeling bad about my losses. I “wasted” a year and a half agonizing over what I lost instead of re-grouping and going out and doing it again.Today I wouldn’t do that - I know how to get back on the horse.
For the next 7 years I decided to believe all those people who had told me that I couldn’t do it; that I was a dreamer; that I should go and get a real job.
So, I went and got a job and did the 9-5 routine until one day it struck me - I was now like everyone else. I lived for the 10:15 coffee break so we could play cards in the lunch room. At noon, the bell would ring and we would get let out for an hour. Then the bell would ring again and back to the office we would all go like sheep. At 5 - it was in the car, struggle through traffic and home to supper at precisely 6 - and this was going to be the pattern for the next 30 years. Talk about living the life you were designed for. And oh yes, everyones goal was to pay down the mortgage and get out of debt. Imagine - that was what God put us on this earth for - to get out of debt - imagine that being your goal in life - to be broke !
And do you know what else I discovered ? Even though I had built and lost a large empire - after 2-3 years of being on the job - I was on the same level as my neighbours, co-workers etc. We all had the same house, same car, took the same holidays and then I was struck by lightning bolt number 2 - this is pre-ordained and if we decide to settle for less we all end up on exactly the same treadmill no matter what our skills and ambitions and dreams.
So, by taking a risk and betting everything I had on a dream and a different lifestyle, I wasn’t really risking at all. I was really freeing myself from the chains of mediocrity and accepting the fact that I was a race horse and not a work horse.
I started again. In 1990 I bought 2 houses and by the end of 1999 I had completed a large number of deals including apartment buildings, townhouse complexes and even a small shopping mall ; stuff that I hadn’t even thought about when I started - I only wanted to do houses.
But, none of that matters. I am not suggesting you or anyone go the road I have gone. What I am so excited about is the road I have NOT taken.
I have not let the negative people who said that I couldn’t do it get me down.
I have not settled for laying down and being average.
I have not let failure cripple me - rather I looked at it as another way not to do something
and most importantly of all, I have never ever ever given up. And that has made all the difference.
So, this morning I am “feeling my oats”. I have had the greatest year of my life in terms of success and growth, but it was not without cost and not without a great deal of effort and lots of obstacles. I would just like to say to you and all new people here - just develop the mindset that you can do it and when 99% of your family, friends, co-workers tell you that you are nuts for trying to break out of the box then know that you are on thr right path.
What a TERRIFIC post! (I liked the part about the sheep) 
(nt) - Posted by SusanL.–FL
Posted by SusanL.–FL on February 17, 2000 at 10:56:22:
nt
Have you thought about writing a book? - Posted by SRobertson
Posted by SRobertson on February 15, 2000 at 18:14:13:
Your insights and experience would be a tremendous asset for any beginning investor!
Thanks for the Post.
This is genius! (nt) - Posted by Mark (SDCA)
Posted by Mark (SDCA) on February 15, 2000 at 11:24:56:
nt
Excellent… - Posted by TRandle
Posted by TRandle on February 15, 2000 at 10:49:21:
Thank you for your post. Each time a full-timer posts their experiences, it helps push me a little closer to stepping off my own treadmill and onto the race track.